A retailer’s needs

Running your own shop is not that easy. The cost of doing business in Seychelles is generally high. Such is the life of the retailer trying to stay afloat in an ocean of similar competitors.

Why some businesses succeed
Some out of pure luck, but for the most part it is because of strong business acumen. A good business person knows their market and is quick to react to the ever-changing needs of customers. If you are in the clothing business, you need to keep up with fashion trends. If general groceries are more your area, then you need to improve the shopping experience of your client. If it is technology you seek, then you need to provide all the latest gadgets and gizmos. Whatever it is, you need to be good at it and on top of it.

One areas where most ignore and only the truly successful masters is financial management. To make you a cut above the rest, you need to be able to manage your finances properly. And here is one area which we can help you with.

As an aspiring business person, it will become your duty to keep your house in order, including sorting out your insurance needs. While risk-taking is common, managing an uninsured business is an unnecessary risk no entrepreneur has ever taken. In fact, during unforeseen events and circumstances, businesses turn to their insurance provider to bail them out thus not affecting their cash flow.

Product Liability
To protect you if your clients suffer personal injury or property damage arising from your business activities. In this instance, if you sell a defective product and the customer was to sustain injury as a result, this insurance would provide you with coverage in the event of a law suit.

Goods in Transit cover
To cover your goods from damage, theft or loss during transit. In this instance, it will cover your goods during delivery and unloading.

Public Liability
To protect you if members of the public suffer personal injury or property damage arising from your business activities. In this instance, if a person is injured on your premises as a result of an activity your business was conducting.

Employer’s Liability
To cover your legal liability in respect of accidental death or bodily injury to employees due to negligence. If your employee suffers an injury as a result of doing work for the business and the employee was not at fault, your business will likely face a law suit. Depending on the injury or if it resulted in death, the compensation can be costly.

Directors and Officers Liability
In this day and age, it is quite conceivable that directors and officers of your company may be sued for actions of the company that they authorise. This policy covers the cost of compensation paid under such a lawsuit.

For more information on your insurance needs as a retailer, visit us at our new office in town, call us on 429 5000 or send an email to info@sacos.sc

Insurance needs for the festive season

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Now that the festive season is around the corner, you need to take a quick stock of your insurance needs. Hey now, you’re thinking, what does insurance have to do with festivities? EVERYTHING! Since we are Debbie Downer, let us run through a quick check list:

  • Insurance expiry

Naturally, because we are fun-loving human beings, our minds are packed with thoughts of and anticipation for parties, new attires and shoes, jolly music, colourful lights and adorned trees, drinks, great food and awesome gifts. The last thing on your mind is “insurance”. But woe to you if your insurance expires around the festive season. So, take this month before the season comes to check your due date. Do not let insurance expiry sneak up on you. Better yet, if you take care of it before the season arrives, it won’t matter if you forget about insurance come December.

  • Pay your premium early

Maybe you are not so forgetful about your dues. After all, you are very hands on with your household matters. But maybe you are a splurger like the rest of us around the festive season¯\_(ツ)_/¯  and you might just find yourself a little cash strapped come January. If you think your spending will go out of hand this year, come visit us and see how you can settle your premium early.

  • Drunk drivers and bad insurance

Yup, the inevitable drunk-driving incident will happen between the December-January period. Not that it doesn’t happen year-round, but you should be especially attentive around this time of the year. The worse part is where their insurance does not cover a whole lot. Even worse, if their claim is not accepted by their insurance provider because they were drunk. The last thing you want to worry about is car repair.

  • Not enough insurance coverage

You might want to take a quick look at your own insurance policies. If your insurance is not enough to cover all eventualities, you might find yourself unlucky around the festive season. Things to worry about are burglaries, fires, floods, underinsurance and no insurance. You may want to ensure that your home insurance is broad and that it covers fixtures as well as contents. Check to ensure that your home insurance covers the value of your home and its contents. If you had new renovations, you might want to come back to us to have those added to the value of your insured assets. If you are a third-party insurance holder, you might want to upgrade that to a comprehensive policy. It is better to have full protection for yourself and not just for others. If you do not have any insurance, here is a list of useful ones for the festive period: householder insurance, fire insurance, travel insurance, motor full comprehensive insurance and personal accident insurance.

  • Improve your safety and security

Unfortunately, as well as being the most jovial time of the year, for many it is also the most traumatic. Families have lost loved ones due to preventable accidents. Homes have been ravaged or partially damaged by fire as a result of overload in electricity or sub-standard electrical appliances. Houses have been broken into by opportunistic thieves. The rainy season in January has also contributed towards a lot of home damage, road accidents and personal injury. Take this time to improve the security of your home. Install a new lock and alarm system. Ensure your car is in good maintenance. Double check your appliances and electrical sockets at night. If you leave your lights on, make sure there is no overload and remove fire hazards. Check your fire alarm if it is working properly.

You might just want to avoid unnecessary hassles by sorting out all your insurance needs before the season hits. Allow yourself the time to enjoy the festivities without money-problems in January. Visit us at our new locaation in town or call us on 429 5000 or send an email to info@sacos.sc for more information on all our insurance products.

Why choose Double Security Plan over others

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For many of us, choosing the right insurance plan may not be that easy. Sacos has different plans that suits different stage of a person’s life and ideally, once you know the details of all our plans, you will be in a better position to select the one which suits your needs and circumstances. This is why we have assembled a list of reasons why the Double Security Plan may be more convenient for you:

Continue reading “Why choose Double Security Plan over others”

Insurance for migrant workers (expats)

We all know that Seychelles is extremely reliant on migrant workers (or expats). There are certain jobs which requires specific skills and expertise and which may not be immediately available locally. We also have a shortage of labour in some areas, notably in the tourism industry, in the fisheries industry and in the construction industry.

From slips and falls, minor to major injuries migrant workers have different needs and employers need to cater to all of them. Below is our list of recommended insurance:

Contractors All Risks
The Contractors All Risks is an insurance product designed to protect your construction business against a range of potential hazards that might occur with this type of work. By having this type of insurance, you protect your company from facing financial loss as a result of unforeseen events. This way, payments towards migrant workers will not be unreasonably affected.

Employers’ Liability
The Employers’ Liability insurance is designed to cover claims from employees who have been injured or become seriously ill as a result of working for you. Many migrant workers operate in some hazardous conditions such as factories and may be at a higher risk of injury than office workers. It is less costly for the employer in the long run to cover the risk of injury.

Health insurance
The Corporate Health insurance is designed to provide cover for medical, obstetric care and surgical expenses for inpatient treatment incurred by your employee. As the employee is a foreigner, it is safer and less costly to provide insurance for their medical needs.

Personal Accident
Group Personal Accident insurance is designed to provide cover against accidental death or bodily injury. Migrant workers have less legal protections in general than local workers. In the event of an accidental death or serious body injury, the worker will likely have to return home facing a potential loss of earnings. With a personal accident insurance, these workers can be sufficiently compensated for lost earnings and medical costs if suffering from a serious injury sustained at work.

Caution, although Public liability protects you if someone is injured on your property/premises, your insurance will not cover damage caused as a result of illegal employment or other unlawful activity undertaken by yourself.